A BMO Private Bank study finds that most high-net worth travelers (69 percent) prefer to stay in a four-star hotel.

Affluent Americans expect to spend an average of $13,249 on leisure travel according to new research.

BMO Private Bank, a unit of BMO Financial Group, unveils this finding in a study that is part of BMO Private Bank’s Changing Face of Wealth series. The series examines trends among affluent Americans (those with more than $1 million in investible assets).

According to the study:

  • High-net-worth Americans plan to spend an average of $2,902 per trip.

  • 63 percent plan to take more than three trips this year, with the average affluent American taking six trips for pleasure.

  • 77 percent choose to fly economy, and the rest (23 percent) choose business or first class.

The study also found that upon arrival, most high-net-worth travelers prefer to stay in a four-star hotel (69 percent). Additionally:

  • 24 percent choose an all-inclusive resort.

  • Timeshares are also popular, whether owned by themselves (19 percent) or others (15 percent).

  • 20 percent prefer a five-star hotel.

Surprisingly, high-net-worth Americans lean toward the spring (72 percent) and fall (76 percent) for their favorite travel times; less than one fifth find themselves traveling during the holidays (17 percent). Summer came in third, with 64 percent usually traveling at that time.

Most affluent Americans choose to travel within the United States (89 percent), while nearly half said they travel to Europe (49 percent). Other travel destinations included Canada (30 percent), Asia (25 percent), Mexico (22 percent), Central/South America (17 percent), and Australia (18 percent).

 

Breakdown by state:

Region

Average amount ($) spent on vacations per year

 

Average amount ($) spent per trip

 

Average number of trips taken per year

Arizona

13,245

 

3,526

 

4

Illinois

15,144

 

3,354

 

5

Florida

20,116

 

12,606

 

4

Indiana

10,838

 

3,242

 

5

Virginia

13,020

 

2,697

 

5

Washington State

15,838

 

3,355

 

5

Wisconsin

10,168

 

2,344

 

6

Missouri

7,595

 

2,600

 

4

Minnesota

12,849

 

2,184

 

6

Other USA

12,858

 

2,136

 

7

Survey results cited here are from online interviews with a sample of 493 Americans 18 years of age and older who have at least $1 million in investible assets. Surveys were conducted between October 15 and October 28, 2014.